IT Department Issues Rs 1.22 Lakh Crore Refunds In 2015-16

The Indian Government has said that the Income Tax department has issued 2.10 crore refunds totalling over Rs 1.22 lakh crore in 2015-16, which saw 94 per cent the returns being filed online.

As per reports, during FY 2015-16, more than 2.10 crore refunds amounting to Rs 1,22,425 crore were paid compared to Rs 1,12,188 crore in the Financial Year 2014-15 and Rs 89,664 crore in the Financial Year 2013-14.

Further In 2015-16, more than 94 per cent of income tax returns were filed online and 4.14 crore returns were processed by the Central Processing Centre (CPC), Bengaluru, without any human intervention.

Commenting on the issue, an Income Tax Official told the media, "Both the Central Board of Director Taxes ( CBDT) and Central Board of Excise and Customs ( CBEC) are making optimum use of technology for expeditious disposal of assessment and refunds as well as for addressing the issues relating to custom clearance and facilitating trade among others."

"As regards indirect tax collections last fiscal, the indirect tax to GDP ratio is about 5.17 per cent as compared to 4.36 per cent for FY 2014-15. Indirect tax to GDP ratio for the current Financial Year 2016-17 is estimated to be 5.20 per cent," he added.